Will taxes be abolished after currency ban? ICAI clarifies again

How can one sustain people’s support for demonetisation when they are beginning to realise that there was zero planning behind it, none of its touted benefits are coming true, and their pain and harassment have been meaningless? One can try another promise; dangle yet another carrot. For example, that income tax might be abolished now.

An audio clip has been doing round in social media, in which apparently, Institute of Chartered Accountants of India (ICAI) president M Devaraja extolls virtues of demonetisation, and foresees abolition of personal income tax among other follow-up moves from the government.

However, the institute has been forced once again to clarify that this clip is fake. It issued a clarification on December 9 and again on December 16.

“A fake audio clip containing views on economic matters, inter alia, demonetization, tax reforms etc. is in circulation on Social media including Whatsapp in the name of CA. M. Devaraja Reddy, President, ICAI has come to notice of ICAI,” it said.

“It is clarified to public at large that the said audio clip is fake and the voice therein is not of CA [chartered accountant] M Devaraja Reddy, president, ICAI. The views expressed in the said audio clip do not represent the views of CA M Devaraja Reddy or of ICAI.”

The press statement from the institute adds, “As part of nation building, Indian accountancy profession has been acting responsibly offering its complete support to the Government of India in its initiatives, particularly those relating to economic reforms.”

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